I have to admit I don't know a heap about Bailey, but the few times I've seen him bat in one-dayers, 20/20s or domestic cricket, I've been pretty impressed with his technique and poise. Only averages a tick over 40 in FC cricket, but seems to have the game to succeed at test level. Seems to be regarded highly as a leader as well.
Would he be next cab off the rank post Ponting/Hussey? Is he capable of batting at 3, or is he more suited to the lower order?
Also, seeing as he's still under 30, would likely be a better option for VC of the test side if he makes it, over the injury plagued robot.